Amortization Schedule You will be creating an amortization schedule for a house on the market. To...

Amortization Schedule
You will be creating an amortization schedule for a house on the market. To do so, you will need the principal amount, the interest rate, and the amount of years you will borrow the loan. The amount you put as a down payment is up to you, but it can range from a minimum of 3.5% for an FHA loan or 5% for a traditional loan to a maximum of whatever. Traditionally you only need to go as high as 20% to avoid any extra fees or mortgage insurance from a low down payment. So, pick a number from 3.5% to 20% for your schedule.

Requirements:
⦁   An amortization schedule with years from 15 to 30.
⦁   The schedule should be made in excel.
⦁   Research and find a house on a real estate website. Include a link to the house or a screenshot of its price in the submission screen.
⦁   Research banks and find the current mortgage rate for your 15 or 30 year loan. Include a link or screenshot in the submission screen.
⦁   Formulas used for finding numbers.
⦁   All rows should be made until the payments would be complete.
⦁   Include the same information above the schedule as seen in the sample schedule.

Expert Solution

The formulas used in row 10 will be copied across the coloumn. The above method is using monthly payments.

The above method is using annual payments, and an effective annual interest rate.

jeff jeffy answered 2 years ago

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